Dijsselbloem: "No reason for euro cynicism, but no quick fix for indebtedness"
"There is no reason for cynicism about the euro", Eurogroup President Jeroen Dijsselbloem replied to critical comments by ECR, EFDD and ENF group-speakers during his first ever plenary debate on the Eurozone. But Mr Dijsselbloem also warned against too much optimism, because, he said, our society’s indebtedness is still holding back growth and fiscal policies should therefore be pursued.
The Eurozone President referred to the speed with which the banking union was set up to support his positive take on the euro project. "But", he said, "if there is one lesson we have learned, it is that we have to finish what we have begun. So let's complete the Banking Union. Let's protect bank deposits, let's strengthen investments by getting the European Fund for Strategic Investments up and running or even expand it, let's create a capital markets union so that start-ups can get credit too", he added. Mr Dijsselbloem also warned that fiscal policies should be pursued as the "indebtedness of our society holds back recovery. There is no quick fix for this - it will take time", he said.
Juncker: central democratic supervision role for European Parliament
Commission President Jean-Claude Juncker reiterated that the European Parliament is the parliament of the euro. "The euro is a political project and we are a political Commission. This project requires democratic supervision and democratic accountability and Parliament should play a central role in this", he said. Citing the example of possible new macroeconomic adjustment programmes, like the one in Greece, he added "These need more transparency. We will report to this house after each phase of implementation and we will start making social impact assessments and share them with you".
On Thursday Parliament will vote on a resolution - prepared by Roberto Gualtieri (S&D, IT) - in which it states its position on Eurozone governance plans tabled by the Commission on 21 October.